Published • loading... • Updated
Senate passes bill that could change nickels and how you pay with cash
The bill sets uniform cash-rounding rules and requires Treasury notice before any future currency phaseout, after the Mint ended penny production and saved $56 million.
- On Friday, the Senate unanimously passed the Common Cents Act to establish a federal framework for cash-transaction rounding. The bill, passed via a hotline process, requires a second House vote due to an amendment from Massachusetts Sen. Elizabeth Warren.
- Operational hurdles following last year's penny discontinuation prompted this measure, as businesses struggled with varied state-level rounding laws. Michelle Korsmo, CEO of the National Restaurant Association, said the legislation will "eliminate confusion and ensure transparent cash transactions that benefit operators and consumers alike."
- Under the bill, transactions ending in 1, 2, 6, or 7 cents round down to the nearest five, while 3, 4, 8, or 9 cents round up. This uniform approach supports restaurants, which operate on margins of 5% or less and rely heavily on cash.
- The Treasury Department gains authority to test cheaper nickel compositions using zinc under the bill. Warren included an amendment mandating that the Treasury Department notify Congress of any future currency changes and provide a transition plan.
- This framework follows bipartisan efforts by lawmakers including Rep. Lisa McClain, Rep. Robert Garcia, Sen. Cynthia Lummis, and Sen. Kirsten Gillibrand. Supporters hope to move the legislation to President Donald Trump in September after the House vote.
Insights by Ground AI
17 Articles
17 Articles
sgtreport.comReposted by 
The New American
The New AmericanCommon Cents Act Rewrites the Rules of Cash After the Penny’s Demise
by Veronika Kyrylenko, The New American: America has already minted its last circulating penny. Congress is now deciding what comes after it. Last Friday, the Senate passed the Common Cents Act. The bill would formally end penny production for general circulation. It would create national rules for rounding some cash transactions. It would also let Treasury […]
Coverage Details
Total News Sources17
Leaning Left0Leaning Right5Center11Last UpdatedBias Distribution69% Center
Bias Distribution
- 69% of the sources are Center
69% Center
C 69%
R 31%
Factuality
To view factuality data please Upgrade to Premium
